(Yicai Global) Feb. 13 -- The provincial government of Guizhou plans to haul in CNY950 billion (USD150 billion) from external investors this year as it looks to ramp up the industrial sector.
Some CNY660 billion will go toward industrial projects, state-owned news agency Xinhua reported, citing an official announcement at the province's 2018 investor mobilization meeting. The government hopes to attract 1,000 fast-growing high-tech firms that specialize in advanced manufacturing, data, healthcare, modern agriculture and mountain tourism.
The region targeted CNY880 billion in total fundraising last year, but this year hopes to bring in external money from small- to medium-sized enterprises from Germany, the US, Japan and Switzerland by co-developing industry parks. It will also look to strike partnerships with local firms along the Pearl and Yangtze River Deltas and in the Beijing-Tianjin-Hebei region.
Guizhou, which has more mountains and plateaus than any other Chinese province, has underdeveloped transport and agricultural sectors and is one of the country's poorest regions. It hopes to alleviate poverty in the area by linking arms with eight cities eyeing similar goals: Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Shenzhen, Qingdao and Dalian.